ECONOMICS

INVESTING IN RESEARCH & DEVELOPMENT: THE FORESIGHT PROGRAMME

Introduced by Dudley Roessler on 22 October 1998

This was a well-attended and wide-ranging discussion. Several members had practical experience in this field.
After the 1998 Budget the Chancellor said that he and the President of the Board of Trade would take a wide-ranging look a ways of improving the UK’s record on investment in R&D. This may be considered in the next budget.
In March the DTI had revived the Foresight Programme, the focus being on wealth creation and quality of life.
The meeting found itself in agreement on these objectives. A particular aspect considered was the example of the USA where an initial failure in business was not considered a disgrace but as a possible source of success in the next venture. Shortly after our meeting the minister expressed similar sentiments and will consider legislation.
As in earlier meetings of the group, the important role of middle management was regarded as a key factor. It is a topic that is likely to arise again.
Rodney Tye.